Author Topic: Insurance for your bike when it's the most expensive thing you owned  (Read 3716 times)

shesabikelover

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Due to my improper operation, my Giant Avail 3  hit someone else's car violently, then I'm fine, my bike seriously damaged ... this thing told us, we must give bike contents insurance  if it's one of the most expensive thing you owned(Here you can share your insurance knowledge)
The following picture only to commemorate my broken bike...sad...
 

forummm

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #1 on: August 06, 2015, 08:10:48 AM »
How expensive are we talking? Can you self-insure (i.e. buy another bike)? I would probably not buy bike insurance personally. But I also wouldn't buy a bike more than a few hundred bucks (and get it used).

mschaus

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shesabikelover

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #3 on: August 07, 2015, 01:44:18 AM »
How expensive are we talking? Can you self-insure (i.e. buy another bike)? I would probably not buy bike insurance personally. But I also wouldn't buy a bike more than a few hundred bucks (and get it used).
It can be very personal.When the bike is one of your most cherished thing,you may be do it.

LennStar

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #4 on: August 07, 2015, 03:46:48 AM »
I dont know about your costs of insurance, but even here in more bike friendly Germany then USA you pay for an average (mustachian used) bike in about 2-3 years insurance.
So in most cases I dont think an insurence will be worth it.

If you use an electric bike or have an expensive super bike because you bike 10+ miles to work every day, that may be different (if stealing is included).

« Last Edit: August 08, 2015, 01:02:39 AM by LennStar »

gagilman

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #5 on: August 07, 2015, 07:28:06 AM »
In some states it doesn't matter who's at fault, and you could make a claim for the damage. Talk to a local bike attorney about it. Ask for free consult and then you'd know what your options are.

Glad you're not hurt!

kendallf

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #6 on: August 07, 2015, 07:32:52 AM »
Post a pic of your crashed bike.

HipGnosis

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #7 on: August 07, 2015, 08:52:42 AM »
Did you fulfill your responsibility to the owner for the damage to the car?

BBub

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #8 on: August 07, 2015, 09:50:09 AM »
Sorry to hear about the crash, but glad you weren't injured!

My take on insurance - if you need to insure it, you probably can't afford to own it anyway.  Obvious exception is a primary residence.  But for nearly everything else insurance should be unnecessary.  Like forummm, I wouldn't buy a bike (or pretty much anything) that I couldn't afford to replace.

norcalmike

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #9 on: August 07, 2015, 10:25:00 AM »
are you talking about insurance to cover damage to the car you hit?

Eric

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #10 on: August 07, 2015, 10:33:02 AM »
How expensive are we talking? Can you self-insure (i.e. buy another bike)? I would probably not buy bike insurance personally. But I also wouldn't buy a bike more than a few hundred bucks (and get it used).
It can be very personal.When the bike is one of your most cherished thing,you may be do it.

Cherished?  If you use the insurance, then that probably means you don't have the bike anymore.  So it hardly matters how much you cherish the bike.  Take your emotions out of it.  This is a financial decision.

dplasters

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #11 on: August 07, 2015, 11:47:51 AM »
I would never insure something with an MSRP of $1,000.  If you can't replace it, don't buy it.

StacheInAFlash

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #12 on: August 07, 2015, 03:47:11 PM »
Based on your topic title, I'm guessing you don't own a home. If you did, you could easily schedule it (no deductible) on your homeowners for hardly anything. I pay a whopping $7 a year extra on my homeowners to cover my $1300 bike. So if it is stolen or horribly destroyed in a wreck, I get a check for $1300.

PizzaHawk

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Re: Insurance for your bike when it's the most expensive thing you owned
« Reply #13 on: August 08, 2015, 08:30:21 AM »
If you're asking about damage/liabity insurance, check your current auto insurance policy (if you have a car). My SO doesn't own a car but still maintains her driver's insurance because it covers her cycling the same way it would if she were in a car instead of on a bike (also so she can drive my car if necessary/emergency).